AmeriSource Reports Record Revenue and Earnings for Fiscal Second Quarter; Operating Revenue Up 23 Percent, Net Income Up 30 Percent, EPS Hits $.
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1 Amerisourcebergen Corporation Logo AmeriSource Reports Record Revenue and Earnings for Fiscal Second Quarter; Revenue Up 23 Percent, Net Income Up 30 Percent, EPS Hits $.57 April 26, 2001 VALLEY FORGE, Pa.--(BW HealthWire)--April 26, AmeriSource Health Corporation (NYSE:AAS) today reported record results for its second fiscal quarter and six months ended March 31, revenue for the quarter increased 23 percent to a record of $3.5 billion compared to $2.8 billion for the same period last year. Net income for the quarter was up 30 percent to $31.5 million, from $24.3 million in the previous year's second quarter. Earnings per share for the fiscal second quarter were also a record at $.57 per diluted share, a 21 percent increase over the prior year. For the first six months of fiscal 2001, operating revenue increased 20 percent to a six-month record $6.8 billion compared to $5.7 billion in the prior year. Net income for the first six months of fiscal 2001 increased 26 percent to $57.7 million from $45.9 million in the year-ago period. Earnings per share for the six-month period, also a record, were up 20 percent to $1.07 per diluted share compared to $0.89 per diluted share for the same period one year ago. R. David Yost, AmeriSource Chairman and Chief Executive Officer, said, "This was another outstanding, record-setting quarter and six-month performance for AmeriSource, with robust revenue growth, significantly lower expense ratios, excellent return on committed capital (ROCC), and record earnings per share. All customer groups contributed to strong revenue growth. Total operating expenses as a percentage of operating revenue were below 2.50 percent for the first time. ROCC increased to 26.2 percent, well ahead of our 20 percent target, and earnings per share continued to show strong year over year growth in line with our long-term goals. "Our solid performance continues to reflect the growth of the pharmaceutical marketplace and our ability to grow our current account base and capture new business while achieving our profitability goals. "Industry growth, which is driven by favorable demographics more than general economic conditions, remains strong. Overall pharmaceutical dollar sales are projected to increase at a compounded annual growth rate of 13.8 percent over the next five years, according to IMS Health, a leading healthcare data service. "Our strong revenue growth reflects our exceptional customer service. Our customer service performance continues to be anchored in execution at the distribution center level. We also continued to deliver on productivity improvement, both through the implementation of cost reduction programs and by holding down costs, while growing revenue." Commenting on specifics of the quarter, Kurt J. Hilzinger, AmeriSource President and Chief Officer, said, "Our Health Systems group, which leads the acute-care market, continued to build revenue momentum this quarter, as we completed assimilating $500 million in annualized, incremental business from Novation, a major hospital group purchasing organization. In the fast-growing Alternate Site group, we continued to add new accounts to our growing base. "Our chain drugstore and independent community pharmacy customer groups continued to contribute to our revenue growth for the quarter. The recently announced three-year contract with Horizon Pharmacies, Inc., a national drugstore chain, and yesterday's announcement of the three-year agreement with Universal Health, LLC, a buying group for community pharmacies, will contribute to future growth in our retail businesses. "Our centralization initiatives completed last year contributed to strong levels of procurement performance, expense control and capital productivity." For the second quarter of fiscal 2001, the Company's gross margin as a percentage of operating revenue was 4.34 percent versus 4.64 percent in the prior year. This expected year-to-year decline in gross margin primarily reflects a shift in customer mix and a competitive marketplace. The Company's customer mix in the current quarter was 53 percent institutional, which encompasses Health Systems and Alternate Site customer groups, and 47 percent retail, including Independent Community Pharmacies and Chain Drugstores. In the same period last year, the customer mix was 51 percent institutional and 49 percent retail. Total operating expenses as a percentage of operating revenue declined 35 basis points to a record low 2.49 percent in the second quarter of fiscal 2001 from 2.84 percent a year ago. For the comparable six-month periods, the ratio declined 22 basis points to a record 2.51 percent in fiscal 2001 from 2.73 percent last year. This reduction, which was accomplished while continuing to invest in future initiatives, was driven by the shift in customer mix, efficiencies of scale, and cost reductions aided by the centralization efforts. The Company's operating income advanced 26 percent to $64.4 million in the second quarter of fiscal year 2001 from $51.1 million for the same quarter last year. For the fiscal second quarter, operating margin as a percentage of operating revenue, improved to 1.85 percent compared to 1.80 percent for the prior year period. Interest expense was down slightly to $11.8 million, reflecting the combined impact of higher average levels of debt, lower borrowing spreads and rates, as well as the impact of the Company's $300 million of fixed rate convertible notes issued in mid-december of last year. In looking ahead, Mr. Yost said, "AmeriSource is extremely well-positioned in the healthcare supply channel. Differentiated by exceptional customer service, disciplined operational expertise and the strongest balance sheet in our history, we continue to grow our diverse customer portfolio both internally and by adding new accounts. We continue to move forward under our recently announced agreement to combine with Bergen Brunswig to create a new company, called AmeriSource-Bergen Corporation. As planned, we have begun regulatory filings and high-level integration planning, even as each company remains focused on its business. This prospective business combination enhances our confidence that we can sustain a long-term earnings per share growth rate of 20 percent for our shareholders." About AmeriSource
2 AmeriSource Health Corporation, with approximately $14 billion in annualized operating revenue, is a leading distributor of pharmaceutical and related healthcare products and services, and the industry's largest provider of pharmaceuticals to the acute care/health systems market. Headquartered in Valley Forge, PA, the Company serves its base of about 15,000 customer accounts through a national network of more than 20 strategically located distribution facilities. For news and additional information about the company, visit its web site at Certain information contained in this press release includes forward-looking statements (as defined in Section 27A of the Securities Act and Section 21E of the Exchange Act) that reflect the Company's current views with respect to future events and financial performance. Certain factors such as competitive pressures, success of restructuring and system initiatives, market interest rates, regulatory changes, continued industry consolidation, changes in customer mix, changes in pharmaceutical manufacturers' pricing and distribution policies, the loss of one or more key customer or supplier relationships and other matters contained in the Company's 10-K for fiscal year 2000 and other public documents could cause actual results to differ materially from those in the forward-looking statements. The company assumes no obligation to update the matters discussed in this press release. In connection with their proposed merger, AmeriSource and Bergen Brunswig will file a joint proxy statement/prospectus with the Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus (when available) and other documents filed by AmeriSource and Bergen Brunswig at the Securities and Exchange Commission's web site at The joint proxy statement/prospectus and such other documents may also be obtained for free from AmeriSource by directing such request to AmeriSource Health Corporation, General Counsel, 1300 Morris Drive, Suite 100, Chesterbrook, Pennsylvania , Telephone: (610) AmeriSource's directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the proposed merger. Information concerning AmeriSource's participants in the solicitation is set forth in AmeriSource's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 19, FINANCIAL SUMMARY (In thousands, except per share data) (Unaudited) Three Three Months Months Ended % of Ended % of March 31, March 31, % 2001 Revenue 2000 Revenue Change Revenue: revenue $3,480, % $2,832, % 23% Bulk deliveries to customer warehouses ,162 Total revenue 3,480,998 2,842,203 sold: cost of goods sold 3,329, % 2,700, % 23% sold - bulk deliveries ,162 Total cost of goods sold 3,329,829 2,710,797 Gross profit 151, % 131, % 15% expenses: Selling and administrative 82, % 76, % 8% Depreciation and amortization 4, % 3, % 8%
3 income 64, % 51, % 26% Equity in net loss of unconsolidated affiliate 1,801 0 Interest expense 11, % 11, % -1% Income before taxes 50, % 39, % 30% Taxes on income 19, % 14, % 30% Net income $ 31, % $ 24, % 30% ========== ========== Earnings per share: Basic $ 0.60 $ 0.47 dilution $ 0.57 $ 0.47 Weighted average common shares outstanding: Basic 52,701 51,370 dilution 59,349 51,732 FINANCIAL SUMMARY (In thousands, except per share data) (Unaudited) Six Six Months Months Ended % of Ended % of March 31, March 31, % 2001 Revenue 2000 Revenue Change Revenue: revenue $6,787, % $5,660, % 20% Bulk deliveries to customer warehouses ,790 Total revenue 6,788,193 5,681,585 sold: cost of goods sold 6,498, % 5,409, % 20% sold - bulk deliveries ,790
4 Total cost of goods sold 6,499,591 5,430,252 Gross profit 288, % 251, % 15% expenses: Selling and administrative 162, % 146, % 11% Depreciation and amortization 8, % 7, % 3% income 118, % 96, % 22% Equity in net loss of unconsolidated affiliate 2,575 0 Interest expense 22, % 22, % -1% Income before taxes 93, % 74, % 26% Taxes on income 35, % 28, % 26% Net income $ 57, % $ 45, % 26% ========== ========== Earnings per share: Basic $ 1.10 $ 0.89 dilution $ 1.07 $ 0.89 Weighted average common shares outstanding: Basic 52,528 51,329 dilution 56,939 51,612 CONSOLIDATED BALANCE SHEETS (dollars in thousands) ASSETS (unaudited) March 31, Sept. 30, Increase (Decrease) Current assets: Cash and cash equivalents $ 126,268 $ 120,818 $ 5,450 Accounts receivable, less allowance for doubtful accounts 676, ,961 52,693
5 Merchandise inventories 1,820,202 1,570, ,698 Prepaid expenses and other 4,341 5,336 (995) Total current assets 2,627,465 2,320, ,846 Property and equipment, net 69,154 64,962 4,192 Other assets, less accumulated amortization 87,791 72,986 14, Total assets $ 2,784,410 $ 2,458,567 $ 325,843 =========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,756,364 $ 1,584,133 $ 172,231 Accrued expenses and other 51,733 49,398 2,335 Accrued income taxes 11,257 12,284 (1,027) Deferred income taxes 118, ,654 12, Total current liabilities 1,937,826 1,751, ,357 Long-term debt: Revolving credit facility 0 20,000 (20,000) Receivables securitization financing 171, ,000 (213,819) Convertible subordinated notes 300, ,000 Other debt 2,432 8,217 (5,785) Other liabilities 7,534 11,587 (4,053) Stockholders' equity: Common stock and capital in excess of par value 309, ,132 25,436 Retained earnings 62,089 4,382 57,707 Cost of common stock in treasury (6,220) (6,220) Total stockholders' equity 365, ,294 83, Total liabilities and stockholders' equity $ 2,784,410 $ 2,458,567 $ 325,843 =========== =========== ===========
6 EARNINGS PER SHARE (In thousands, except per share data) (unaudited) Earnings per share is computed on the basis of the weighted average number of shares of common stock outstanding during the periods presented. Earnings per share-assuming dilution is computed on the basis of the weighted average number of shares of common stock outstanding during the period plus the dilutive effect of stock options. Additionally, the fiscal 2001 calculations consider the convertible subordinated notes as if converted and, therefore, the effect of interest expense related to those notes is added back to net income in determining income available to common stockholders. Three months ended Six months ended March 31, March 31, Net income $31,516 $24,299 $57,707 $45,898 Interest expense - convertible subordinated notes, net of income taxes 2, , Income available to common stockholders $34,044 $24,299 $60,793 $45,898 ======= ======= ======= ======= Weighted average number of shares of common stock outstanding 52,701 51,370 52,528 51,329 Effect of dilutive securities: Stock options Convertible subordinated notes 5, , Weighted average number of shares of common stock and dilutive potential common stock 59,349 51,732 56,939 51,612 ======= ======= ======= ======= Earnings per share: Basic $ 0.60 $ 0.47 $ 1.10 $ 0.89 dilution $ 0.57 $ 0.47 $ 1.07 $ 0.89 CONTACT: AmeriSource Health Corporation Michael N. Kilpatric, 610/ mkilpatric@amerisource.com
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